A major policy statement by President Nyerere of Tanzania. The text was agreed by the executive of the political party TANU (Tanganyika African National Union) and proposed that TANU implement a socialist programme by which the major means of production would be placed under the collective ownership of the farmers and workers of the country. No party member would be allowed more than one salary or to own more than one house, nor any capitalist stocks and shares. Banks were nationalized, followed by large industrial and insurance companies, as well as the larger trading firms. Nyerere was deeply committed to the concept of ujamaa, which saw all land and natural resources as belonging to the people within their village communities, and following the declaration there emerged many farm collectives. The policy was moderated after 1977 to allow some private investment, and largely abandoned after 1987.